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Percentages

SAT Math· difficulty 4/5

A bank account grows 6%6\% per year compounded annually. What is the balance after 55 years on a \2000$ deposit, to the nearest dollar?

  • A

    $2{,}676

    check_circle
  • B

    $2{,}600

  • C

    $2{,}700

  • D

    $2{,}800

Explanation

2000⋅1.065=2000⋅1.3382≈2676.452000 \cdot 1.06^5 = 2000 \cdot 1.3382 \approx 2676.45.

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